Saudi King orders $2 billion deposit in Yemen

Saudi King orders $2 billion deposit in Yemen

(Riyadh) – Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has issued a directive to transfer a $2 billion deposit to the Central Bank of Yemen, in continuation of the Kingdom’s support of the Yemeni people, taking the total amount given by the Kingdom to the Central Bank of Yemen (CBY) to $3 billion.
“All the money has been sent with the aim to boost Yemen’s financial and economic situation while bolstering the Yemeni Riyal. As the value of the Riyal goes up, the living conditions of Yemeni citizens will change for the better,” the Saudi Press Agency (SPA) reported.
Saudi Arabia reaffirmed its support for the Yemeni Government and will continue to assist Yemen in its efforts to restore security and stability.
“The Iranian-backed Houthis looted the state as they seize government revenues, including those generated from oil and its derivatives. They acquired this revenue in Yemeni Riyal as they manipulated its exchange rate. They are doing all this to pursue their own destructive objectives at the expense of the Yemeni people. Their actions have resulted in a steady devaluation of the currency, which has significantly damaged the lives of Yemenis for several years.”
“Saudi Arabia is determined to alleviate the suffering of the Yemeni people and to help them cope with the economic burdens resulting from the crimes and violations committed by Iranian-backed Houthi militias,” SPA reported.